Beyond Meat Gears Up For IPO
Beyond Meat filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). No pricing details were given in the filing, although the offering is valued up to $100 million. The company plans to list its shares on the Nasdaq under the symbol BYND.
The underwriters for the offering are Goldman Sachs, JPMorgan, Credit Suisse, Merrill Lynch, Jefferies, and William Blair.
This is one of the fastest growing food companies in the United States, offering a portfolio of revolutionary plant-based meats. The firm builds meat directly from plants, an innovation that enables consumers to experience the taste, texture and other sensory attributes of popular animal-based meat products while enjoying the nutritional benefits of eating plant-based meat products.
The brand commitment, “Eat What You Love,” represents a strong belief that by eating plant-based meats, consumers can enjoy more, not less, of their favorite meals, and by doing so, help address concerns related to human health, climate change, resource conservation, and animal welfare. The success of this breakthrough innovation model and products has allowed the firm to appeal to a broad range of consumers, including those who typically eat animal-based meats, positioning it to compete directly in the $1.4 trillion global meat industry.
In the filing, the firm described its finances as:
We have experienced strong revenue growth over the past few years, increasing our net revenues from $8.8 million in 2015 to $32.6 million in 2017, representing a 92% compound annual growth rate. We have generated losses since inception. Net loss in 2016 was $25.1 million compared to $30.4 million in 2017, an increase of $5.3 million, as we invested in innovation and the growth of our business. In the nine months ended September 29, 2018, our net revenues were $56.4 million, a 167% increase from $21.1 million in the nine months ended September 30, 2017. For the nine months ended September 29, 2018, our net loss was $22.4 million.
The company intends to use the net proceeds from this offering to invest in current and additional manufacturing facilities. If there is any remainder, the company intends to put it towards paying down indebtedness as well as for working capital and general corporate purposes.